Mortgage novice , please help . Where do I go first?

scooby32

I hope this is not too a stupid question but I am really unsure how I go about this. My situation is as follows

Bought a flat 20 odd years ago, paid it off a few years ago so have been mortgage free.

My partner is self employed for just over a year since he was made redundant. His first year turnover and profits are really good.

We need to move for more room, and it is a priority

We have good savings (about 40% of proposed price) and with the sale of the flat would need a small mortgage 30 60K, However this would be dependant on selling the flat.

Since I have never been involved with selling and the buying was so long ago I have no idea where we go for advice.

We would have to buy first, as we are specific on what we want, but what happens re sale, i.e. if we need the funds to finance new home. Also stamp duty I will need to look into

I am in Scotland, not working but have small income, enough to live off

I hope this doesnt sound too stupid but I have no idea where we go first and the order. Any help would be really appreciated and put my mind at rest and out of turmoil. It was so much easier when we both had fixed incomes but we dont seem to be ticking the normal boxes

mr_mortgage

If I were you, I'd go talk to an financial advisor - face to face. They can talk you through the whole process, understand your situation and provide you with advice as to ways of proceeding.

You could consider selling and buying at the same time - it often works out just fine. If you don't find what you want and agree a price by the time you would need to exchange on your sale you could let the sale fall through - or continue with the sale and rent for a little while until you find what you want. That way, you have the cash in the bank so easier to get a good deal on your mortgage since you have the cold hard case and thus a lower LTV.

dimbo61

Consider an offset mortgage if you do buy a new property before you have sold the flat you own.
When you do sell your flat you can then transfer the money straight into the offset account and either reduce the mortgage or pay interest only on the balance .
Offset mortgage are also very good for people who are self employed and wish to clear there mortgage quickly.

scooby32

Thank you both so much for the helpful advice, much appreciated and gives me a plan of action